The markets have reverted back to uncertainty until there is further clarity on global trade deals. After yesterday’s winning session, the major stock market averages are a mixed showing, with technology stocks buoying the Nasdaq Composite and S&P 500 higher while the Dow Jones Industrial Average is retreating. Consumer staples are the worst performing sector, with a 1.3% decline, pressured by a 2% drop in PepsiCo (Nasdaq: PEP). Tech stocks are out front, including chip companies like Broadcom (Nasdaq: AVGO), Intel (Nasdaq: INTC) and Texas Instruments (Nasdaq: TXN) on bullish analyst commentary this week out of KeyBanc, which believes there’s 30%-40% upside left in the sector.
Durable goods orders skyrocketed by 9.2% in March, far exceeding estimates of 1.6%, as companies raced to place orders before tariffs took effect. Results were led by transportation equipment orders, which soared by 27% last month. In other economic data, home sales plummeted by 5.9% in March, revisiting levels not seen since the Great Financial Crisis.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 208.48 (-0.53%)
Nasdaq Composite: Up 90.82 (+0.54%)
S&P 500: 11.57 (+0.23%)
Market Movers
PepsiCo is losing 2% on the day after lowering its growth outlook on tariff volatility. The company reported a 1.8% decline in revenue to $17.9 billion, topping analyst estimates. PEP stock is trading at the low end of its 52-week range.
Software stock ServiceNow (NYSE:NOW) stock is rising over 12% today after surpassing Wall Street estimates on both the top and bottom lines.
IBM (NYSE: IBM) is falling a steep 5.8% today despite surpassing quarterly earnings estimates on strong demand. IBM has been an outlier in the technology sector this year, rising 4.5%, suggesting today’s selling could just be chalked up to profit taking. On the flip side, IBM is experiencing some weakness in its consulting business.